Gold Technical analysis XAUUSD: Gold is regaining its upward

 

European session, date: 07/24/2024

the introduction:

The price of gold witnessed a return to the rise after several days of decline. Since the American trading session last Thursday, gold has fallen from the level of $2468 per ounce to $2383 per ounce. With the beginning of the American session yesterday, gold began to rise again. In this technical analysis, we will take a look at the factors that led to this shift in gold’s movement and our expectations for the future trend.

Overview:

The gold price is currently trading at $2,413 per ounce, reflecting the return of confidence among buyers in the market. The price rose since the beginning of the American session yesterday, recovering part of its previous losses. Gold is now trading above the moving averages, which reinforces the positive outlook in the near term. In addition, the MACD indicates a continuation of the uptrend, which increases the possibility of a continued rise in the price.

GBPUSD Technical analysis

Trading strategies based on Buy/Sell levels

XAUUSD In case of buying           in case of selling
Entry point 2417                   2409
Target Point 1 (TP1) First resistance: 2422 First support: 2404
Target Point 2 (TP2) Second resistance: 2426 Second support: 2400
Stop Loss (SL) 2409 2417

 

Conclusion

With gold’s uptrend returning and continuing to trade above the moving averages, it appears that the precious metal may continue to rise in the near term. Traders are advised to monitor key technical levels and technical signals that may support this uptrend. Utilizing fundamental and technical analyzes will be crucial in making informed trading decisions to ensure the best possible returns.

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